HomeMy WebLinkAbout020912 rm agn & min Saner Firefighters' Retirement System
Susy Pita, Pension Plan Administrator
21629 Stirling Pass ♦ Leesburg, Florida 34748
Phone: 352-787-9795 • Fax: 352-787-2699
NOTICE OF MEETING - Posted February 2, 2012
Thursday, February 9, 2012 at 10:30 a.m.*
City Hall — Railroad Conference Room - 2 " Floor
*Please make note of the new starting time.
AGENDA
1. CaII to Order and Roll Call
2. Appointment of Officer's to the Board
3. Approval of Minutes: Regular Meeting — November 10, 2011
4. Approval of Disbursements
5. Actuarial Valuation Report — Foster & Foster
6. Investment Consultant's Report
7. Attorney's Report
8. Old Business: Review & Approve Updated Summary Plan Description
9. New Business: Disability Application — Jeffrey Schoenwetter
10. Next Meeting Date: May 10, 2012 at 10:30 a.m.
11. Adjournment
DISABILITY INFORMATION: In accordance with the Americans with Disabilities Act and F.S.S. 286.26, persons with disabilities
needing special accommodation to participate in this meeting should contact Susy Pita, Plan Administrator, no later than seven days
subsequent to the proceeding at 352 - 787 -9795 for assistance. If hearing impaired, call the Florida Relay Service Numbers at 800-
955- 8771 (TDD) or 800 - 955 -8770 (VOICE) for assistance.
APPEAL NOTICE: If a person decides to appeal any decision made by the Board, with respect to any matter considered at such
meeting or hearing, that person will need to ensure that a verbatim record of the proceedings is made, which record includes the
testimony and evidence upon which appeal is to be based.
SANFORD FIREFIGHTERS' RETIREMENT SYSTEM
PENSION BOARD MEETING MINUTES
Thursday, February 9, 2012 — 10:30 A.M.
1. Call to Order and Roll Call
The meeting was called to order at 11:20 a.m. by the Chairman, Thomas Hickson. The
following members were present: Sylvester Chang, Craig Radzak, John Smith, and Robert
Vaughn. The following service providers were also in attendance: Scott Christiansen, Plan
Counsel, and Greg McNeillie, Plan Consultant. Cynthia Lindsay, Finance Director, was also
present.
2. Appointment of Officers to the Board
A motion was made by Sylvester Chang to maintain the current Officers on the Board.
Seconded by John Smith, the motion carried unanimously.
3. Approval of Minutes
Sylvester Chang requested clarification by the Plan Administrator on two items. A motion was
then made by Craig Radzak to approve the minutes from the regular meeting held November
10, 2012, as amended. Seconded by John Smith, the motion carried unanimously.
4. Disbursements
Sylvester Chang noted that the amount reported as paid to Dahab was different from the
invoice. The Administrator noted the correction and a motion was then made by Craig Radzak
to approve the disbursement report as amended. Seconded by John Smith, the motion carried
unanimously. (Copy is attached for the record)
5. Actuarial Valuation Report
Patrick Donlan presented the Actuarial Valuation Report as of October 1, 2011. Following some
discussion, a motion was made by Craig Radzak to approve the report as presented. Seconded
by Robert Vaughn, the motion carried unanimously.
A discussion then took place regarding the annual Declaration of Returns letter. Following
lengthy input from the investment professionals, attorney, and the Trustees, a motion was
made by Sylvester Chang to submit the annual letter to the Division of Retirement stating that
the total expected annual rate of investment return for the fund for the next year, the next
several years, and the long -term thereafter, shall be 8 %, net of investment expenses.
Seconded by Robert Vaughn, the motion carried unanimously. Greg McNeillie will provide the
required back -up data to the Administrator to include with the letter.
6. Investment Consultant's Report — Dahab Associates
Greg McNeillie reviewed the performance report as of December 31, 2011. Asset allocation for
the period: Large Cap Equities — 38.9 %, SMid Cap Equities — 9.3 %, International Equity —
9.9%, Fixed Income — 33.9% and Cash — 8 %. Total portfolio value was $17,919,232.
Greg concluded his report to the Board by advising the Trustees that he will prepare an
attendance schedule for the Money Managers beginning with the next regular meeting.
7. Attorney's Report
Scott discussed the current legislative issues and the potential impacts on the Plan. He also
discussed the disability presumptions task force report being considered at the State level.
Scott continued the remainder of his report under agenda items 8 and 9.
Page 2 of 2 Sanford Firefighters' Retirement System February 9, 2012
8. Old Business
Scott reviewed the Summary Plan Description with the Trustees. A motion was then made by
Craig Radzak to approve the revised Summary Plan Description pending the attachment of
Exhibit "B" from the Actuary. Seconded by John Smith, the motion carried unanimously.
9. New Business
A Disability Application was submitted by Jeffrey Schoenwetter on 01/18/12. Scott informed
the Board that his office staff is in the process of following up on the claim and he will report
back to the Trustees at their next meeting.
10. Next Meeting Date
The next regular meeting date was set for Thursday, May 10, 2012 at 10:30 a.m.
11. Adjournment
The meeting ended at 12:05 p.m.
1
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(for the Bohr-
CITY OF SANFORD
FIREFIGHTERS' PENSION FUND
Disbursement Report
February 9, 2012
Date Issued to: Issued for: Amount
11/11/11 Dahab Consulting Services $2,123.42
12/01/11 Susy Pita Administrative Svcs. $800.00
12/07/11 Christiansen & Dehner Legal Services $1,280.06
12/19/11 F.P.P.T.A. Annual Dues $600.00
01/01/12 Susy Pita Administrative Svcs. $1,000.00
01/03/12 Christiansen & Dehner Legal Services $170.58
01/05/12 F.P.P.T.A. CEU Fee -Smith $100.00
01/06/12 F.P.P.T.A. CEU Fee - Radzak $100.00
01/16/12 F.P.P.T.A. CEU Fee - Vaughn $100.00
01/16/12 Polen Capital Management Svcs. $6,273.00
01/16/12 Lee Munder Capital Management Svcs. $3,127.40
01/06/12 Foster & Foster Actuarial Services $9,881.00
01/23/12 Salem Trust Custodial Svcs. $5,820.60
01/30/12 Garcia Hamilton Management Svcs. $4,552.19
02/01/12 Susy Pita Administrative Svcs. $1,000.00
Date Contribution Refund: Amount
None